“It’s a miniscule amount of trades but I don’t think the regulators have the tools to keep up with the technology that’s out there and the sheer number of quotes and trades going on,” Joseph Saluzzi, partner and co-head of equity trading at Themis Trading LLC in Chatham, New Jersey, said in a phone interview. “Is this happening at other exchanges? Can I trust regulators to find out? I don’t know.”
The software problem at Bats is a symptom of overly complex market regulations that should be simplified, Chief Executive Officer Joseph Ratterman said in a phone interview. About 250 customers, mainly market-making firms, and 0.004 percent of trades on Bats’s two equity exchanges were affected by the problem that dates back to 2008, Ratterman said. About 0.0009 percent of options trades were affected, he said.
“It’s a miniscule amount of trades but I don’t think the regulators have the tools to keep up with the technology that’s out there and the sheer number of quotes and trades going on,” Joseph Saluzzi, partner and co-head of equity trading at Themis Trading LLC in Chatham, New Jersey, said in a phone interview. “Is this happening at other exchanges? Can I trust regulators to find out? I don’t know.”The software problem at Bats is a symptom of overly complex market regulations that should be simplified, Chief Executive Officer Joseph Ratterman said in a phone interview. About 250 customers, mainly market-making firms, and 0.004 percent of trades on Bats’s two equity exchanges were affected by the problem that dates back to 2008, Ratterman said. About 0.0009 percent of options trades were affected, he said.
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